A rapid decline in the yen and market distortions caused by current monetary settings have raised the political heat on the Bank of Japan as it becomes increasingly isolated in a world of hawkish-leaning central banks
Opposition lawmakers are grilling the BOJ regularly for allowing the currency to weaken and push up living costs, putting Prime Minister Fumio Kishida in a hot spot ahead of an upper house election scheduled in July.
"The BOJ has been keeping rates zero since 1990. Rising raw material costs have come on top of this. It's time the BOJ alter its weak-yen policy," opposition lawmaker Akio Fukuda told deputy governor Masayoshi Amamiya - seen as a strong candidate to succeed Kuroda - in parliament on Tuesday. Former BOJ deputy governor Hiroshi Nakaso, also seen as a front-runner to become next governor, weighed in by describing former premier Shinzo Abe's "Abenomics" policies as having been overly reliant on radical monetary stimulus.Although a rate hike won't come any time soon, the shift in public mood puts the BOJ under pressure to have a plan ready for in case it needs to tweak its yield cap.
"There's a chance the BOJ could fine-tune yield curve control later this year, if the yen falls too much."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: Japan Inc turns against central bank's monetary stimulus, Reuters survey showsMore than 60% of Japanese companies want the central bank to end its policy of massive monetary easing this fiscal year due to pain from the weak yen, with roughly a quarter calling for it to take action now, a Reuters survey shows.
Read more »
Opinion | U.S. and Japan Embrace the Open InternetFrom WSJopinion: For competitive and geopolitical reasons, the U.S. and Japan need to work together to spark a mobile-technology revolution, writes hmikitani_e
Read more »
Biden has an eye on China as he heads to South Korea, JapanWASHINGTON (AP) — President Joe Biden departs on a six-day trip to South Korea and Japan aiming to build rapport with the two nations’ leaders while also sending an unmistakable message to China: Russia’s faltering invasion of Ukraine should give Beijing pause about its own saber-rattling in the Pacific.
Read more »
Japan OKs plan to release Fukushima nuclear plant wastewaterJapan’s nuclear regulator has approved plans by the operator of the wrecked Fukushima nuclear plant to release its treated radioactive wastewater into the sea next year, saying the outlined methods are safe and risks to the environment minimal.
Read more »
Biden visits Japan, South Korea carrying warning to ChinaJoe Biden will visit Japan and South Korea on his first Asian trip as U.S. president, carrying a clear message to China, advisers and analysts say - don't try what Russia did in Ukraine anywhere in Asia, and especially not in Taiwan.
Read more »
Fukushima water release plan gets initial OK from Japan regulatorJapan's Nuclear Regulation Authority (NRA) granted an initial approval on Wednesday for a Tokyo Electric Power's (Tepco) plan for releasing water from the destroyed Fukushima nuclear power plant into sea, citing there are no safety issues.
Read more »